How to File BOI Report in Mississippi – Ultimate Guide (2024)


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

How to file a BOI Report in Mississippi: Since the Corporate Transparency Act, the Beneficial Ownership Information (BOI) principle has become an important aspect of the regulatory framework for Limited Liability Companies, Corporations, and all types of business structures. This act aims to increase transparency and fight against illegal financial activities by requiring businesses to disclose information about beneficial owners. In Mississippi, companies must comply with these BOI reporting obligations, and this guide will give a comprehensive overview of the processes involved, entities affected, and compliance actions that must be put in place.

Mississippi, also known as The Magnolia State, has a population of 2,959,473. That makes the state small business friendly. According to the act, small and medium-sized businesses have to file BOI reports. In this article, LLCBuddy editors shared the latest update and mandate on filing BOI reports in Mississippi

What is Beneficial Ownership in Mississippi?

Beneficial ownership in Mississippi entails individuals who own or control an entity ultimately even though legal ownership rests with some other person. These persons may have significant influence over it or hold substantial interest therein as owners. Identifying who qualifies as a beneficial owner is a critical first step in complying with BOI reporting requirements. To be a beneficial owner, one must meet at least one of the following:

  1. Has direct or indirect ownership of 25% or more of the entity’s equity interests
  2. Directly or indirectly exercises significant control over the entity

It should be noted that beneficial ownership can involve complicated ownership structures; therefore entities should conduct thorough assessments of their organizational structure and holdings.

Beneficial Ownership Information Reporting

The BOI (Beneficial Ownership Information) Report is a memo or document that every small and medium-sized business (exemption applicable) has to file with the Financial Crimes Enforcement Network (FinCEN). In Mississippi, any LLC that is eligible to enlist under the reporting company must file the BOI Report within the given period.

It is not only mandatory for all businesses in Mississippi but also can lead to heavy monetary penalties along with imprisonment. There are many reasons why the Corporate Transparency Act was started and BOI Report filing becomes mandatory for all businesses in Mississippi.

BOI Reporting Companies (Entities) in Mississippi

Not every company, located in Mississippi, is required to file BOI reports with FinCEN. Only the eligible companies (Reporting Companies) are liable to file the BOI report. Following are the requirements for BOI reporting,

Entities Required to Report

There are certain entities that are considered “Reporting Companies” as per the Corporate Transparency Act and must report beneficial ownership information. Normally, these include:

Exempted Entities

However, it is important to note that there are certain entities in Mississippi that do not have BOI reporting requirements such as;

corporate-act
  • Sole proprietorships or any business structure that does not require registration under Mississippi SOS.
  • Large entities (more than 20 employees with $5M revenue)
  • Tax-exempt organizations
  • Inactive entities meeting specific criteria
  • Subsidiaries of exempt entities
  • Complex ownership that is not publicly known

For PLLCs, selected types of companies get to file BOI reports. Small PLLCs that do not meet the eligibility of reporting companies are exempted from filing BOIR. Besides, PLLCs that are already under stringent regulatory authority like the medical or law field, might get an exemption too.

List of Entities Exempted from BOI Reporting According to FinCEN

  • Securities reporting issuer
  • Governmental authority
  • Bank
  • Credit union
  • Depository institution holding company
  • Money services business
  • Broker or dealer in securities
  • Securities exchange or clearing agency
  • Other Exchange Act registered entity
  • Investment companies or investment advisers
  • Venture capital fund adviser
  • Insurance company
  • State-licensed insurance producer
  • Commodity Exchange Act registered entity
  • Accounting firm
  • Public utility
  • Financial market utility
  • Pooled investment vehicle
  • Tax-exempt entity
  • Entity assisting a tax-exempt entity
  • Large operating company
  • Subsidiary of certain exempt entities
  • Inactive entity

Entities should review their classification carefully in order to ascertain if they fall under the requirement for reporting or qualify for an exemption. It is recommended to consult an expert before you start filing your BOI Report. Also, not only the above-mentioned sectors but also the size and structure of the business matters when it comes to filing the report. Hence, it is important to consult an expert beforehand.

How to File a BOI Report in Mississippi?

In Mississippi, you can file your BOI report in two ways. The report can be filed online or offline. The process is pretty simple. There is an online and offline (PDF) form available. The reporting company in Mississippi has to fill up the form and submit it within the given time. Here are the steps to file the BOIR in Mississippi

Recommended: You can fill up and file the BOI forms easily and without hassle by hiring a professional service. We recommend using –

#1 TOP PICK

TailorBrands(BOI Report Filing)

Online BOI Report Filing in Mississippi

  • Step 1: For online filing, reporting companies in Mississippi are required to visit the FinCEN BOIR e-filing page.
  • Step 2: The first page shows 4 options, Initial Report, Correct Prior Report, Update Prior Report, and Newly Exempt Entity.
  • Step 3: For the fresh filing, select Initial Report and click NEXT.
  • Step 4: On the next page, fill out the form for Reporting Company and ask for FinCEN ID.
  • Step 5: The ‘Company Applicant’ page comes up next. Add the details wherever is required.
  • Step 6: The next page shows the details of the Beneficial Owner(s). Also, mention if there is an exemption.
  • Step 7: Submit the online form after sharing your name and email on the final page.
BOI reporting e-filing

Offline BOI Report Filing in Mississippi

  • Step 1: For offline filing, visit the FinCEN BOI Report filing page
  • Step 2: Download the PDF form from the ‘Prepare BOIR’ option
  • Step 3: The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
  • Step 4: Save the form on your device.
  • Step 5: Fill it up with the correct information. Make sure to select the ‘Initial Report’ if you’re filing it afresh. For correction or updating the previous form, select the other options.
  • Step 6: Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
  • Step 7: On the Submit page, you will have to provide your name and email. Click on the ‘upload document’ section to upload the PDF form and submit it.
BOI offline filing

Reporting Process and Timeline

BOI Reporting effectively becomes mandatory from January 1, 2024, in Mississippi and the rest of the United States. All the LLCs in Mississippi, Corporations, and other types of businesses registered under Mississippi Secretary of State will have to file the report within the given time.

  • Entities in Mississippi incorporated or registered before January 1, 2024, will have to file their BOI report before January 1, 2025.
  • Entities in Mississippi incorporated or registered on or after January 1, 2024, will have to file their BOI report within 90 working days from the date of completion of company registration with Mississippi SOS or similar authority.
  • Entities in Mississippi incorporated or registered on or after January 1, 2025, will have to file their BOI report within 30 working days from the date of completion of company registration with Mississippi SOS or similar authority.

Penalties for Non-Compliance with CTA (BOI Report Filing)

The authority decides to make it more difficult for the companies that fail to comply with the Corporate Transparency Act or BOI report filing. Following are the monetary and other penalties for non-compliance,

  • The Civil Penalty for missing the deadline in Mississippi is $500 a day for the company
  • The Criminal Penalty for not filing the BOI Report in Mississippi is $10,000
  • Continuing violating rules and non-compliance in Mississippi can lead to 2 years imprisonment

The FinCEN makes sure that every reporting company must file the BOI report as soon as they meet the eligibility criteria. The penalty is heavy, especially for small businesses in Mississippi.

BOI Reporting Required Information in Mississippi

The Beneficiary Ownership Information consists of some confidential information about the LLC owners in Mississippi. The compulsory information to be given in respect of each beneficial owner includes:

business requirement
  • Reporting Company legal name
  • Alternative or DBA Name (if any)
  • Tax Identification type
  • Country/Jurisdiction of Formation
  • Address (number, street, and apt. or suite no.)
  • Individual’s Full Legal Name
  • Date of birth
  • Current Address
  • Identifying document (Type, Number, Issuing Jurisdiction, Image)
  • Beneficial Owner Details (Legal Name, FinCEN ID, Address, DOB)

Entitles should confirm that the information given is correct and up-to-date as any inconsistencies or inaccuracies may attract penalties.

Ensuring their BOI reports are accurate and updated is a responsibility that these bodies have. Disputes or concealed information, therefore, need to be attended to quickly and openly as this is essential in compliance maintenance. Should organizations fail to do this, they may invite increased scrutiny with possible penalties imposed against them.

Privacy and Data Security

While the requirements for BOI reporting in Mississippi aim at increasing transparency levels, there are practical challenges faced by entities regarding the identification and disclosure of beneficial ownership information. These may include:

  • Complexity in identifying beneficial ownership for entities with intricate ownership structures or multi-layered holding companies.
  • Difficulties in obtaining accurate and up-to-date information from beneficial owners, particularly where ownership interests are held indirectly or via intermediaries.
  • This places an additional burden on small businesses which will find it hard to deploy enough resources and personnel to deal with compliance matters.

Entities can overcome these hurdles through engagement of professionals’ advice; and having internal mechanisms that strengthen their capacity to communicate with their beneficiaries.

Regulatory and Legal Considerations

In addition to the issues above, entities in Mississippi must also navigate numerous regulatory and legal considerations when reporting BOI. These include:

  • Balancing transparency with legitimate privacy concerns, especially for individuals who may be exposed to personal safety risks or other sensitive situations.
  • Addressing international implications and cross-border ownership structures since BOI reporting requirements can vary across jurisdictions.
  • Compliance with other relevant legislations such as anti-money laundering (AML) laws and know-your-customer (KYC) regulations is necessary as well.

What helps entities address these concerns is consulting the legal fraternity on changes occurring within the regulatory space.

Anticipated Changes and Updates

With time, FinCEN together with other relevant agencies will provide further guidance on complying with these reporting requirements as financial crime evolves. For instance, new changes could affect how they comply with these requirements. Additionally, in the future, there is a possibility of expanding or modifying the reporting requirements to deal with emerging issues or any possible loopholes.

Impact on Businesses and Financial Sector in Mississippi

The introduction of BOI reporting requirements will have profound effects on both corporate entities and the financial sector as a whole. Likely consequences could include:

  • Increased administrative burdens and compliance costs for firms, especially at the early stages of implementation.
  • Enhanced due diligence procedures by financial institutions to verify the accuracy of BOI reports and identify potential red flags.
  • Business practices may change leading to ownership structures that are more flexible to fit into new transparency needs.
  • Entities that have complex ownership arrangements or those operating internationally may face some difficulties.

Nonetheless, in the long run, it can be expected that this law would go towards creating an environment where business is transparent and accountable thus enhancing trust and integrity within the financial system.

Significance of Reporting Beneficial Ownership Information

Reporting BOI is essential for several reasons. We have come up with three main reasons that CTA pointed out for having BOI reporting.

business
  • Preventing Illegal Activities: Identifying true owners helps to combat money laundering, terrorist financing, and other financial crimes in Mississippi since bad actors cannot hide behind complex corporate structures.
  • Enhancing Transparency: It ensures corporate transparency and accountability so that entities cannot operate under cover but are required to reveal who their beneficial owner(s) are.
  • Facilitating Law Enforcement: Accurate data on BOI allows law enforcement authorities to investigate and prosecute fraudulent activities better thus protecting a fair business environment.

Starting an LLC in Mississippi or forming a corporation in Mississippi can be an eyewash of hiding other shady activities or illegal businesses. Companies often create shell companies to money launder. This reporting was started to prevent such activities in Mississippi.

State Specific Data: Mississippi

Capital and Incorporation

  • The capital of Mississippi is Jackson.
  • The population of Mississippi: 2,959,473
  • The Annual GDP of Mississippi: 139,867
  • Incorporation in Mississippi can be done through various methods including online and offline. For more details, visit Mississippi Secretary of State.
  • Incorporation Method in Mississippi (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Mississippi (Offline): there’s no offline method of filing the documents

Filing Fees

  • LLC Initial Filing Fee: $50
  • LLC Amendment Fees: $50
  • Annual Fee: $0
  • DBA Filing Fee: $25
  • Incorporation Fee: $50 for filing online
  • Registered Agent Change Fee: $10
  • Corporate Amendment Fee: $50 

Important Offices

  • State Tax Office: Mississippi State Tax Commission
  • State Insurance Office: Mississippi Department of Insurance
  • Secretary of State Address: SOS office
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​
  • Filing Method for DBA: one method, online
  • Filing Fee for DBA: $25
  • Online Filing for DBA: For online filing, check the Mississippi Secreatry of State. There, look for the “Assumed Names” section. You will get the registration form.
  • Offline Filing for DBA: There’s no offline form submission in the state

By staying compliant with the BOI reporting requirements and leveraging the resources available in Mississippi, businesses can ensure they meet all regulatory obligations efficiently.

FAQs

How do I file a BOI report in Mississippi?
In Mississippi, you can file a BOI report by visiting the Secretary of State’s website and following the instructions.
When is the deadline for filing a BOI report in Mississippi?
The deadline for filing a BOI report in Mississippi is typically April 15th each year.
What information do I need to include in my BOI report in Mississippi?
When filing a BOI report in Mississippi, you will need to provide information about your company’s ownership, management, and financial status.
Can I file my BOI report online in Mississippi?
Yes, you can file your BOI report online in Mississippi through the Secretary of State’s website.
Is there a fee for filing a BOI report in Mississippi?
Yes, there is a filing fee for submitting a BOI report in Mississippi. The fee amount may vary.
What happens if I miss the deadline for filing my BOI report in Mississippi?
If you miss the deadline for filing your BOI report in Mississippi, you may incur late fees or penalties.
How often do I need to file a BOI report in Mississippi?
In Mississippi, you are required to file a BOI report annually.
Can I request an extension for filing my BOI report in Mississippi?
Yes, you can request an extension for filing your BOI report in Mississippi. However, there may be additional fees associated with an extension.
What is the consequence of not filing a BOI report in Mississippi?
Failure to file a BOI report in Mississippi may result in penalties or the dissolution of your business entity.
How can I check the status of my BOI report filing in Mississippi?
You can check the status of your BOI report filing in Mississippi by contacting the Secretary of State’s office or checking online.
Can I amend my BOI report after it has been filed in Mississippi?
Yes, you can typically amend your BOI report after it has been filed in Mississippi by submitting a corrected report.
Are there any exemptions for filing a BOI report in Mississippi?
Certain types of businesses may be exempt from filing a BOI report in Mississippi. Check with the Secretary of State’s office for details.
What is the purpose of filing a BOI report in Mississippi?
Filing a BOI report in Mississippi helps to ensure transparency and compliance with state regulations for business entities.
Do foreign entities need to file a BOI report in Mississippi?
Yes, foreign entities doing business in Mississippi are typically required to file a BOI report.
Can I file a BOI report for multiple entities at once in Mississippi?
Yes, you may be able to file BOI reports for multiple entities simultaneously in Mississippi. Check with the Secretary of State’s office for more information.
How long does it take to process a BOI report filing in Mississippi?
The processing time for a BOI report filing in Mississippi can vary, but it is usually completed within a few weeks.
Can I submit a paper filing for my BOI report in Mississippi?
Yes, you can typically submit a paper filing for your BOI report in Mississippi, but online filing is often faster and more convenient.
What should I do if I have trouble filing my BOI report in Mississippi?
If you encounter any difficulties while filing your BOI report in Mississippi, reach out to the Secretary of State’s office for assistance.
How do I know if my BOI report has been accepted in Mississippi?
You will receive confirmation from the Secretary of State’s office once your BOI report has been accepted in Mississippi.
Can I file a BOI report for a non-profit organization in Mississippi?
Yes, non-profit organizations operating in Mississippi are typically required to file a BOI report.
Are there any special requirements for filing a BOI report for a non-profit organization in Mississippi?
Non-profit organizations in Mississippi may need to provide additional documentation or information when filing a BOI report.
Can I file a BOI report for a partnership in Mississippi?
Yes, partnerships operating in Mississippi are required to file a BOI report with the Secretary of State.
Are there any specific forms that need to be used when filing a BOI report in Mississippi?
While there may not be specific forms required, you will need to submit the necessary information as outlined by the Secretary of State’s office.
How can I obtain a copy of my filed BOI report in Mississippi?
You can request a copy of your filed BOI report in Mississippi from the Secretary of State’s office.
Can I appoint someone else to file my BOI report for me in Mississippi?
Yes, you can have an authorized representative file your BOI report on your behalf in Mississippi.
Can I file a BOI report for a corporation in Mississippi?
Yes, corporations operating in Mississippi are required to file a BOI report with the Secretary of State.
How can I get assistance with filing my BOI report in Mississippi?
If you need help with filing your BOI report in Mississippi, you can contact the Secretary of State’s office for guidance and support.
Can I file a BOI report for a limited liability company (LLC) in Mississippi?
Yes, LLCs operating in Mississippi are typically required to file a BOI report with the Secretary of State.
Are there any online resources available to help me file my BOI report in Mississippi?
Yes, you can find helpful resources and information on the Secretary of State’s website to assist you with filing your BOI report in Mississippi.
When is the deadline to file a BOI report in Mississippi?
The deadline to file a BOI report in Mississippi is April 15th each year.
Can I file a BOI report for multiple locations in Mississippi?
Yes, a BOI report can be filed for multiple locations within Mississippi.
Do I need to include my federal identification number on the BOI report in Mississippi?
Yes, your federal identification number is required to be included on the BOI report in Mississippi.
What happens if I miss the deadline to file a BOI report in Mississippi?
If you miss the deadline to file a BOI report in Mississippi, you may face penalties and interest fees.
Is there a penalty for filing a BOI report late in Mississippi?
Yes, there is a penalty for filing a BOI report late in Mississippi.
Can I file an extension for my BOI report in Mississippi?
Yes, you can file for an extension for your BOI report in Mississippi, but it must be done before the original deadline.
How do I request an extension for my BOI report in Mississippi?
To request an extension for your BOI report in Mississippi, you can do so online through the Mississippi Department of Revenue’s website.
Can I file my BOI report in Mississippi by mail?
Yes, you can file your BOI report in Mississippi by mail, but it is recommended to do so online for faster processing.
What information do I need to have on hand to file a BOI report in Mississippi?
To file a BOI report in Mississippi, you will need information such as gross receipts, expenses, and inventory details for each location.
How do I calculate gross receipts for my BOI report in Mississippi?
Gross receipts for your BOI report in Mississippi can be calculated by adding up all sales and revenue for each location.
Are there any resources available to help me file my BOI report in Mississippi?
Yes, the Mississippi Department of Revenue website provides resources and guides to help you file your BOI report.
Can I file my BOI report in Mississippi without any penalties online?
Yes, filing your BOI report in Mississippi online is the best way to avoid any penalties for late filing.
Where can I find the BOI report form for Mississippi?
The BOI report form for Mississippi can be found on the Mississippi Department of Revenue’s website.
Is there a fee to file a BOI report in Mississippi?
There is no fee to file a BOI report in Mississippi.
Can I make changes to my BOI report after filing it in Mississippi?
Yes, you can make changes to your BOI report after filing it in Mississippi by submitting an amended return.
How long does it take for a BOI report to be processed in Mississippi?
The processing time for a BOI report in Mississippi varies, but it typically takes a few weeks for it to be completed.
Can I file my BOI report over the phone in Mississippi?
No, BOI reports must be filed online or by mail in Mississippi.
Do I need to keep a copy of my filed BOI report in Mississippi?
Yes, it is recommended to keep a copy of your filed BOI report for your records in Mississippi.
What is the definition of a BOI report in Mississippi?
A BOI report in Mississippi is a Business Income and Expense Report that details a business’s financial information for tax purposes.
Can I file a BOI report in Mississippi if I have multiple businesses?
Yes, if you have multiple businesses in Mississippi, you will need to file separate BOI reports for each one.
How do I know if I need to file a BOI report in Mississippi?
Businesses in Mississippi that have a physical presence or conduct business within the state are required to file a BOI report.
What happens if I fail to file a BOI report in Mississippi?
If you fail to file a BOI report in Mississippi, you may face penalties and potential legal consequences.
Can I file a BOI report in Mississippi if my business operates online only?
Yes, even if your business operates online only in Mississippi, you are still required to file a BOI report.
Are there exemptions or deductions available for filing a BOI report in Mississippi?
There may be certain exemptions or deductions available for filing a BOI report in Mississippi, depending on your business activities.
Who should I contact if I have questions about filing a BOI report in Mississippi?
If you have questions about filing a BOI report in Mississippi, you can contact the Mississippi Department of Revenue for assistance.
Can I file a BOI report in Mississippi if my business is based out of state but operates within the state?
Yes, if your business is based out of state but operates within Mississippi, you are still required to file a BOI report for the state.
How can I ensure that my BOI report is accurate in Mississippi?
To ensure that your BOI report is accurate in Mississippi, it is recommended to keep detailed records of all income and expenses related to your business activities within the state.

Also Read

In Conclusion

In the world of business, conducting illicit monetary transactions is not a new thing. To prevent that the Corporate Transparency Act came into the picture. Businesses in Mississippi, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In Mississippi, the companies must understand the obligations to comply with the rules.

In Mississippi, before you start filing the BOI Report, there are a few important points to note. Important points worth noting are:

  • Identifying beneficial owners from their control or ownership interests over the entity.
  • Reporting accurate information at all times including names, dates of birth, addresses, and identification details about beneficiaries.
  • Timely filing of the initial reports and updating the reports in case of changes.
  • When required, involve reputable third-party service providers to assist in the filing process.
  • Ensure compliance with relevant penalties for non –compliance.
  • Deal with practical challenges and legal issues related to BOI reporting.
  • Keep abreast of future developments and advice from relevant bodies.

Filing the BOI Report does not require complicated steps, however, it definitely requires an expert to proceed. We recommend TailorBrands, one of the best LLC formation services that not only offers free LLC formation but also offers BOI Reporting at a very reasonable cost.

Leave a Comment